AUD/USD
Analysis:
On a short-term scale, the wave structure that is currently incomplete started on December 31 and is directed downward. For the last 2 weeks, the pair's rate moves in the sideways price corridor, forming the correction part (B).
Forecast:
After contact with the support zone, the main movement vector is expected to change in the next sessions. The upward movement can be the final breakthrough in the structure of the current correction wave.
Potential reversal zones
Resistance:
- 0.6900/0.6930
Support:
- 0.6830/0.6800
Recommendations:
Aussie's sales are premature. Today, short-term purchases with a small lot are possible. The best tactic is to refrain from trading during the pullback up, with the search for sell signals at the end of it.
GBP/JPY
Analysis:
The direction of the price movement of the cross since mid-December is set by a bearish wave. In the current month, the price forms an upward correction pennant. The price is in a wide area of a potential reversal. The decline that started yesterday has a reversal potential.
Forecast:
There is a high probability that yesterday's depreciation will give rise to a reversal pattern at the end of the correction. At the next trading session, the price is likely to bounce up to the calculated resistance. By the end of the month, the exchange rate is expected to change and the price will go down. A breakthrough in the nearest support is possible today.
Potential reversal zones
Resistance:
- 144.40/144.70
Support:
- 143.70/143.40
- 142.80/142.50
Recommendations:
Purchases of the pair are risky and can be unprofitable. It is recommended to refrain from entering the pair's market while the price is rolling back up. Sales of the instrument will become promising soon.
Explanations: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure and the dotted background shows the expected movements.
Note: The wave algorithm does not take into account the duration of the tool's movements in time!
